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Daily Archives: October 2, 2018

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

OPEC delivered only a limited increase in oil production in September, a Reuters survey has found, as a cut in Iranian shipments due to U.S. sanctions offset higher output in Libya, Saudi Arabia and Angola. The 15-member Organization of the Petroleum Exporting Countries pumped 32.85 million barrels per day in September, the survey on Monday found, up 90,000 bpd from August’s revised level and the highest this year.

Husky Energy Inc’s (TO:HSE) hostile bid for MEG Energy Corp (TO:MEG) reflects the need for Canadian oil companies to own integrated assets, from production to refineries, to manage the deep price discounts on Canadian crude, Husky’s chief executive said on Monday. Husky’s cash and stock offer, announced on Sunday, would combine MEG’s heavy oil production with Husky’s output, pipeline space and refineries, in a deal valued at C$6.4 billion.

China will cut import tariffs on textile products and metals, including steel products, to 8.4 percent from 11.5 percent, effective Nov. 1, the finance ministry said on Sunday. Beijing has pledged to take steps to increase imports this year amid rising tension with some of its biggest trade partners, such as the United States. Earlier in July, China reduced import tariffs on a range of consumer items including apparel, cosmetics, home appliances, and fitness products to fulfill pledges to further open China’s consumer market.

ECONOMY NEWS

Qatar has started proceedings against Saudi Arabia at the World Trade Organization (WTO), accusing it of intellectual property rights violations, Qatar’s economy ministry said on Monday. Part of Qatar’s concerns involve the blocking of Qatari broadcaster beIN in Saudi Arabia, the ministry said on its website, and accused Riyadh of refusing to take effective action against the piracy of beIN content in the kingdom.

Italian Finance Minister Giovanni Tria said on Monday he would seek to reassure his euro zone counterparts about Italy’s budgetary plans, adding that the country’s debt to GDP ratio will decline. “I will try to explain what is happening and our budgetary plans,” Tria told reporters. Asked about Italy’s budget debt, he replied: “Debt to GDP will go down.”

The Conservatives are meeting for day two of their annual conference in Birmingham, with the party divided on Theresa May’s blueprint for Brexit. Large parts of it have also been rejected by the European Union and according to a senior British official, the government is preparing to make a significant offer to the bloc to try to unlock negotiations.

RSI difference insights remedial bounce back might be likely to work out

Short exchange play, negation on a break above mid-1.18s

The Euro separated against the US Dollar in the wake of setting up the best close to the 1.18 figure, obviously. A break underneath help directing the rise from mid-September activated reentry short EUR/USD at 1.1708. Costs have since slowed down close to the 1.16 check, with the development of positive RSI dissimilarity indicating at ebbing drawback energy that may go before a bob.

That need not be so fundamentally. RSI uniqueness can stamp a time of solidification before downtrend resumption. Regardless, a glance at the day by day outline proposes any close term increases might be minimal in excess of an adjustment with regards to a break underneath counter-drift bolster characterizing the rise from mid-August lows. A day by day close over the 1.1815-52 region is most likely expected to contend something else.

In light of that, the short position will stay in play through whatever close term additions may appear, searching for more extensive shortcoming to re-rise from there on. A break beneath help in the 1.1510-1.1554 zone or a substantive-enough recuperation toward opposition over 1.18 to reset hazard/compensate parameters (and appropriately pursued by bearish resumption affirmation) will be assessed as chances to scale up the presentation.